FASSET

Fasset is the Finance and Accounting Services Sector Education and Training Authority. 25 Setas were established in March 2000 in terms of the Skills Development Act, to cover all sectors in South Africa, including government. The members of a Seta include employers, trade unions, professional bodies, government departments and bargaining councils, where relevant, from each industrial sector. The Seta Landscape was revised to 23 Setas in 2005 and to 21 Setas in 2010.

The Work of Setas

  • Determine the vision and mission of the Seta
  • Develop and adapt the sector's skill strategy
  • Set strategic targets in line with national policies and priorities, national sectoral priorities and sub-sectoral or chamber priorities.
  • Enter signed agreements on targets for delivery with chambers or sub-sectors
  • Approve funding and funding flows
  • Monitor and evaluate the implementation of strategies and the achievement of targets
  • Assume accountability in terms of the Skills Development Act, the Skills Development Levies Act, Public Finance Management Act and the SAQA Act
  • Quality assure education and training providers via an Education and Training Quality Assurance body
  • Be responsible for Learnerships
  • Relevant Legislation

    • Skills Development Act (Act 97 of 1998
    • Skills Development Levies Act (Act no 9 of 1999)

    The Objectives of Fasset

    • To develop the competence of employees and potential employees:
      • Improving the quality of life of employees, their prospects of work and labour mobility
      • Improving productivity in the workplace and the competitiveness of employers
      • Promoting self-employment in situations where the sector is experiencing job shrinkage.
    • To increase the levels of investment in education and training and to optimise the return on this investment
    • To position this sector as the "sector of career choice" for prospective learners and entrants into the labour market
    • To encourage employers and employees to adopt a culture of life long learning through:
      • Using the workplace as an active learning environment
      • Providing employees with the opportunities to acquire new skills
      • Providing opportunities for new entrants and potential entrants into the sector labour market and enhancing access to opportunities to gain work experience.
    • To support the objectives of the Employment Equity Act of 1998
    • To enhance access to learning opportunities and to facilitate the recognition of prior learning
    • To ensure the quality of education and training in the sector
    • To expand the provision of education and training in this sector through sound partnerships with public and private sector service providers
    • To encourage greater cooperation between the public and private sectors
    • To co-operate with the South African Qualifications Authority and other Setas, in support of the objectives of the Act

    Vision

    To facilitate the achievement of world-class finance and accountancy skills

    Mission

    • To increase the flow of new finance and accountancy entrants into employment
    • To develop and grow the skills required in the sector

    To facilitate transformation of the finance and accountancy sector